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. >> but they will be -- >> who will they be? >> ben bernanke. >> okay. senate banking committee. president holds a key health care meeting. that's why we have the white house. what else? >> snow in the northeast. it started as rain this morning for many this morning who are watching but it has turned into thick -- >> wet, heavy. >> idyllic if you're looking to -- >> don't shovel this stuff. >> well, good morning, everyone. it's good to be with you. we're here, glad you're here. i'm erin burnett. >> i'm mark haines. >> it says i'm market haines. i want everyone to know it's funny. >> yes, i noticed that. also front and center the number of u.s. workers filing initial claims for unemployment benefits rose unexpectedly last week. >> coca-cola striking a deal to buy the north american operations of its largest bottler. you just saw the ceo there. >> heinz posted $231 million profit. a lot of ketchup. >> futures are sad. >> not good. >> part of the reason for the sadness was an unexpected jump in unemployment claims. >> hum. >> much bigger jump than anticipated. a lot of people are looking through it and saying i
to entertain you. call me. the most dramatic piece of news today did not come from ben bernanke's grilling in front of the house of representatives. bernanke floated like a butterfly. didn't bother to sting at all. it wasn't the skewering of toyota by congress for which the takeaway is quite obvious. keep buys ford and ford preferred. no, none of that. the most sit-up and take notice piece of news today came from dollar tree. which skyrocketed six points, up more than 14% on a day when the dow gained only, well, like 92 points. s&p up a percent. why do we care about a dollar score more than the fed chairman or a huge automaker? first, in full disclosure, my good and plenties of toiletries at my local store did not skew the numbers higher. although it didn't subtract from the company's astounds 32% increase in earnings. no. what this number says and what the stox said in reaction to it along with the store's radically high guidance from 2010, is that the consumer, the consumer is bummed and the consumer is stretched. >> the house of pain. >> i tell you, you don't go to dollar tree to feel g
not agreed to anything yet. >> and ben bernanke will be releasing his ideas on how the fed is going to pull back from its current role of propping up the economy in every way, shape, and form. we're going to have that live at 10:00. i know his comments are coming out, mark. i'm not sure if he's actually going to physically be there because you know in washington it's a little snow. what are they going to do? >> i think they now have a total of 50, five zero, inches on the ground. >> yeah, yeah. >> we also have big snow issues in new york, baltimore, philadelphia, airports closed, schools closed. it's a real mess. this is a live picture. >> wow. >> well, it was a live picture of reagan national airport. it is empty. >> that's amazing. it really is. mark, you know i remember when there was a forecast of snow things would be shut down and called off and to your point pretty incredible what has been going on there. snowmageddon. that's an amazing picture, live. no one at the airport. >>> the futures right now are plus 0.70 on the s&ps. we needed 1.42 to get to fair value. so it's very close to
. bernanke said it. a lot of people said it. and then i said it after you said it. >> i know it. and you're on optimist. >> i am an optimist. >> in terms of why i thought it was contained was, first of all, i was talking about subprime and we made the mistake of just simply saying the subprime was not big in relation to a 13, $14 trillion u.s. economy. and what was really going on is we were talking about housing overall and since world war ii, housing, residential home prices, had generally gone up. and the mortgages were just considered to be very safe investments. and so the kind of decline we saw was something that was not envisioned in any kind of model. it wasn't anything that many people that were close it to -- after the fact, it seems obvious to all of us. but the -- and so when you had the kind of decline we saw in housing prices that changed the behavior of those of homeowners, and, also, the other thing you and i were talking about before the show is this -- all of this complexity. so when -- it. >> it's crazy. mortgage-backed securities that were rated triple-a by a bunch of
up at a senate hearing today with fed chairman ben bernanke. >> we have a situation in which major financial institutions are amplifying a public crisis for what would appear to be for private gain. i want to ask you here whether or not you think there ought to be limits on the use of credit default swaps to prevent the intentional creation of runs against governments. do you have any quick comments on that? >> using these instruments in a way that intentionally destabilizes a company or a country is... is counterproductive, and i'm sure the sec will be looking into that. we'll certainly be evaluating what we can learn from the activities of the holding companies that we supervise here in the u.s. and joining me with the latest on all this is roben farzhad, senior writer for "bloomberg business week" magazine. in general terms first, what exactly is chairman bernanke promising to look into? >> this has for the better part of the decade been the great big unknown, this world of derivatives which are largely unregulated secondary investment vehicles. they're almost train of thought.
't you tell us what you think after hearing a couple days of bernanke's testimony on the hill. does it change your outlook on what the fed is doing? >> no, as long as they use the magic words, extended period, we know the fed will be on hold for at least six months. that's what bill dudley told us. he said extended period was the language the fed has put in the policy statement, means at least six months. it was a phrase repeated by st. louis fed president bullard recently. so whenever bernanke puts his word in on it as well, we can feel assured that the fed is not likely to move for at least six months. the fed needs to be very clear at this day and age. so if they're telling us that that's what extended period means, that's what it means. and so, until there's some other clarifying comments, that's what we have to go on. >> we had somebody who told us yesterday that maybe they could move 25, 50 basis points. it's not the extended period but they're focusing on the incredibly low rates. either one of you guys quily think that's the case? >> the focus is on the extraordinary program
a year. we'll have full details in tonight's "market focus". as ben bernanke was sworn in for a second term today, the federal reserve chairman said he was focused on protecting the agency's independence. bernanke said that independence is key to keeping monetary policy focused on the long-term interests of the american people, and not political whims. >> susie: you've probably noticed that the prices you're paying at the pump are holding steady these days. but can we count on them to stay that way? well, that all depends on what happens to the price of oil. and, as suzanne pratt reports, forecasts for oil prices in 2010 are all over the map. >> reporter: at this gas station in midtown manhattan, gas prices are among the highest in the nation. whether they spike even higher, head lower, or stay in the same range this year depends on who you ask. j.p. morgan's lawrence eagles expects crude prices, which dictate gas prices, to climb higher. that's after averaging between $72 and $76 a barrel in the first half this year. >> moving higher in the second half, up to $88 by the end of the yea
, you have three big concerns. bernanke's confirmation, slowing china growth and obama slapping the banks around in the aftermath of the massachusetts miracle. i think investors have really focused upon those things and have used those skuexcuses to t profit. >> you don't seem to think things are over. we're due for a pullback and maybe the bull market continues? >> you look at fourth quarter earnings right now and i guess we're about halfway through the season. two-thirds of the company have beaten on revenues. you have consensus earnings for s&p that have now moved up to $76 a share. that puts multiple of a 14 times forward earnings. you have core inflation below 2% year over year. 3.6% treasury yield. multiples are too low. you'll see more corporate earnings improvements and stocks will go higher. >> massachusetts miracle? massachusetts disaster maybe. massachusetts tragedy maybe. >> depends on your point of view. >> i guess it does. i want to get that other side in. >> why are you looking at me? phil is the guest. >> i'm sorry. >> jay, what do you think of that scenario? thi
. >>> meanwhile, federal reserve chairman ben bernanke on the hill today as well, responding to a news article that goldman sachs and other major investment banks were shorting the very greek debt that they were helping the country issue. senior economics reporter steve liesman now with that story. >> reporter: maria, thanks. fed chairman ben bernanke said that the fed is examining the actions of goldman sachs and other banks surrounding two issues. first, whether the bank helped sell debt that essentially allowed greece to disguise the true amount of its debt, and second, whether it was appropriate for them to be essentially shorting that debt through the derivatives known as credit default swaps. >> we are looking into a number of questions relating to goldman sachs and other companies and in their derivative's arrangements with greece, and on this issue as well. as you know credit default swaps are properly used as hedging instruments -- >> i agree. >> we, the s.e.c., of course, has been interested in this issue. obviously, using these instruments in a way that intentionally destabilizes a
2011, at the earliest. in testimony before this committee yesterday, chairman bernanke recommended we take steps to determine the future of gse's this year. with american taxpayers exposed to hundreds of billions of dollars in losses from fannie mae and freddie mac continuing operations, do you agree with german bernanke that we cannot afford to wait until next year to decide the gse's future? Ñi>> i believe the time is now o figure out what the proper questions are to ask him what is the proper role the government in the housing system, what is the future structure and objectives of the housing and finance system that policy makers believe is in the best interests of the country and i believe there is plenty of important questions and it is time to start asking in working toward answers right now. with that said, i appreciate the difficulties and challenges in getting to that as of the counter and get into a formal structure. i understand that will take a while. i believe we should absolutely take the time to get it right. i would be happy to work with this committee to start going
bernanke and the possibility of raising interest rates. or effectively raising interest rates. that is today's street poll. not long ago, this man had limited mobility. last month, this woman wasn't even able to get around inside of her own home. they chose mobility. and they chose the scooter store! if you or a loved one live with limited mobility call the scooter store! no other company will work harder to make you mobile or do more to guarantee your complete satisfaction. if we pre-qualify you for a new power chair or scooter and your claim isn't approved, the scooter store will give you your power chair or scooter free. that's our guarantee. they were so helpful and nice. they filed all the paperwork, and medicare and my insurance covered the cost. we can work directly with medicare or with your insurance company. we can even help with financing. if there's a way, we'll find it! so don't wait any longer, call the scooter store today. >>> as america slowly recovers from the recession many investors have been looking to china, the country's economy is in the middle of a huge
. people like alan greenspan and ben bernanke gave us the largest downturn since the great depression. that is why we have a huge budget deficit. we didn't have a huge tax cuts. we had stimulus and response to the downturn. we have higher unemployment if we have not had that but let's be clear if we are upset about the deficit greenspan and bernanke, i don't know why we reappointed bernanke. in terms of the entitlement programs, yeah we have a public pension program, which is hugely popular. you look at polling day that-- i was at a conference this morning in social security is over 90%. they ask people would you be willing to pay higher taxes to sustain sosa security benefits and 70 to 80% said yes. i don't see any problem with running a pension program through the public sector. what is the problem with the? it is usually popular. health care costs, medicare again. we are providing medicare health care benefits for seniors. that is also hugely popular. you have these tea party people out there yelling don't let the government touch medicare. they are anti-government but they want me
do you regret? where did you look back and say "that was the wrong call, by me, geithner, bernanke"? >> charlie i've thought about this a lot and i'm going to give you a number of mistakes i think i was involved in making. but the in 20/20 hindsight, the major decisions we made, i'm totally convinced, were the right calls and they were made in the face of unprecedented challenges with really imperfect tools without the authorities we needed in the middle of a very challenging political period with an election coming. and the reason i they is they worked and they prevented the collapse. so most of what is cited as mistakes were really things we had no control over. for instance, i would like to have seen the a.i.g. problem coming earlier. but there was no regulator that had responsibility for the whole institution and we just didn't have a clear line of sight and we didn't... we didn't have the information. i do not want to have lehman fail. i knew that would be a bad thing and we worked very hard to prevent it. but we didn't have the authorities to prevent the failure of he plan. .
an international from the goldman sachs was number one you need 100 calls to federal chair ben bernanke but then the next highest number of calls and that burger you need 103 -- to emineth named dan jester -- thank you, mr. chairman. may i ask what firm that he worked for -- >> he worked for goldman sachs. >> i will have additional questions with regard to you phoned and we will place that in the record. >> can i just say one thing in response to this? it's very important, congress and you were suggesting the people involved in this were not acting in the public interest and you were suggesting they were working for the private interest now the public interest and that is not true and i believe none of those individuals would be part of a decision like that and i think these people were people of enormous integrity and experience operating under exceptional circumstances with no precedent doing the best they could for what was in the public interest -- >> i must move, i must move. the gentleman from florida secretary geithner, win did aig if you could give the date when did aig call and
this demand in the seven-year gives me -- >> the significance of ben bernanke talking about, one, the potential financial instability with the large current account surplus that china has to the u.s., he talked about financial instability. >> also talked about goldman and greece and they're looking into what goldman and other banks in "the new york times" reported to have done relative to greece, take the other side of the trade. first they put them into sovereign debt and then took the or side of the trade. let's hear what the fed chairman had to say about this. >> well, very serious challenges there involving not only fiscal issues but competitiveness issues because of the single exchange rate. but you know, we have talked to the european union leaders. they are obviously very focused on getting the problem solved. >> that's the wrong bite. he said they're looking into this. >> very routine, right? a lot of times you play one side, another part plays another side. it's very routine. >> i'd be interested in engaging the conversation of this. i'm not sure what the value is taking
like the saints have it for a second. >> the guest host is inside the bernanke huddle during the financial crisis, former fed governor randy kroszner. >>> a big play here, a big play there, and the bulls may be ready to run. >> picked off. look out. just passed manning and tracy porter taking the ball all the way. touchdown, new orleans! >> "squawk box" begins right now. ♪ ♪ >>> good morning, everybody. welcome back to "squawk box" here on cnbc. i'm becky quick along with steve liesman, carl and joe are out but in studio we also have new york times reporter andrew ross sorkin. our guest host, randy kroszner, a business professor at the booth school of business. great to have you here, randy. >> great to see you. >> we have a lot to talk to you about this morning. let's go to your morning rundown. we have a game plan with howard ward, portfolio manager for gamco investors growth fund. then we'll see if we can diffuse the debt bomb that threatens the global market. it's a small problem we'll try to fix this morning. later we'll be monday morning quarterbacking the super bow
bernanke getting ready to testify on capitol hill later this week. steve joins us with more on the fed's game plan. >> the news is not going to be that the fed will lay out an exit strategy. they have already done that. we have been reporting it for weeks and weeks despite what other media outlets might be saying. if there is going to be news, timing of the exit strategy or the sequencing as in what comes first. rate hike chicken. what am i talking about? fed work behind the scenes on a series of measures to withdraw all of that extraordinarily quiddity. interest on reserves. we told you it would be the new fed funds rate. thing that will matter more than when they come out. term deposits for bank. reverse repos overnights. ultimately the bigger question, do they sell assets? not that loud about it. here is the reason. the fed doesn't want to signal imminent change in the policy when it talks about developing the tools to reverse that policy. st. louis fed chairman says he believe it is fed can begin selling assets the second half of the year which would come before raising rates. sequ
. people still point to may of '07 when bernanke says subprime is 9% of mortgages, right? they're not infallible. and we can't expect them to be, i guess, is the answer, right? >> none of us is infallible. if you didn't learn that, you missed something over the course of the past three years. >> dan's with us for the rest of the program. we've got a lot more to talk about. >>> meantime, any questions or comments this morning, we'd love to hear from you. our address is squawk@cnbc.com. >>> when we come back, european exposure, debt crisis overseas, how some u.s. companies might be impacted. >>> still to come, olympic skiers headed to the starting gate at whistler while bankers in new york await a possible auction. we'll get an update from daniel nu mudd, the ceo of fortress, just ahead. >>> time now for today's "aflac trivia question." what baseball player nicknamed the georgia peach amassed 4,189 hits in his career? this is not more benefits at greater cost to your company insurance. this is not how does it fit in my company's budget insurance. this is help protect and care for
chairman bernanke's confirmation was in doubt. all of a sudden they dialed it back. this budget is part of that dialing back. >> let's talk about that, andrew. the financial responsibility fee, better known as the bank tax, is in the budget. what kind of details are in it? because jaret says the language has been pared down quite a bit. >> people were selling into any financial strength across the board. you have volcker testifying tomorrow. although jaret brings up good points, the reality of this is that the risk is not in the budget. the risk is with the next announcement from volcker. or the treasury department and bank of america signing on to this second lien modification program which they did last week. that's where the real worry of wall street is. and you saw energy hold up today. you saw health care sell off for about an hour after the budget came out. and then it recovered to about flat as i was leaving the office. but across the board today, long and short, i mean, we were seeing sellers of financial stocks into strength. >> what about, andrew, when you look at the other ta
to come back into a government position and i know ben bernanke and hank paulson are well-known for this. could you talk a little bit about that in any ideas on how that could be stopped through laws or voter action or anything? >> i'm glad you reminded me about the revolving door. i see this happening. i see my friends do this. they dress like me when they are working on capitol hill and i see them two years later and they have really nice suits with a french cuff and offer to buy lunch. the left the capitol to up working for congress and a lobbying firm hired them because they knew that when the friend then calls his old underling on capitol hill to say hey i just want to talk to you about the farm bill, that his old boss or his old bosses colleagues are going to take the call and that is the revolving door. barack obama's said literally, i'm going to stop the revolving door. is white house chief of staff, rahm emanuel-- there is not, as the word for rahm emanuel because welby was working on the campaign is a chief fund-raiser he was getting paid by goldman sachs as a consultant at the
that of course was going to burst, and this is why i get mad at people like alan greenspan and ben bernanke and most economists because god knows what on earth was going through their heads in the year 2003 to those of four cardinals five, 2006, to dozens of as the bubble could growing and growing and the savitt is okay and now they are surprised who could have known that is the joke we have or not washington they run around saying who could have known? anyone doing their job should have known. >> host: amity shlaes, anything you want to address? >> guest: i think it's important of the interplay and the war and domestic policy because when you have -- it's true the government can't think about two things at once. it can't walk and chew gum at the same time and when you have a distraction whether you believe it's something we should invest in, afghanistan, iraq or not the government doesn't think well what is going on at home so if he would have called on our various leaders at the fed or the white house over time under -- in this purpose it would be under president bush postsecondary 11th h
as a country to have in place, hank, ben bernanke kumbaya tim geithner and sheila bair the head of the fdic. i know a lot of people and finance and business and government. i cannot think of for that would have done a better job. but to look back of our country's financial system throes of during that period. some of you were in a party i was that in 2008 when the talk, when you have 3.5 four more trillion held by 30 million people on a sunday night are worried about whether they can get their money, that money was half of all deposits held in the banks at that time. you have a panic. you have commercial paper frees up entirely and some of the biggest companies described in the book worried if they would be payable in a short period of time. the sixth largest bank in the country with the maastricht staged domestic deposits and the third largest bank, wachovia, i needed a shotgun marriage on a monday morning and it just arrived this. interestingly the bookstores early september when fannie mae and freddie mac worry essentially bart -- broke. the two institutions guaranteed 40 percent of all res
the federal reserve to take the lead on this. citing mr. bernanke does not want to step up and -- i think mr. bernanke, unfortunately, does not want to step up and take responsibility. i think the administration put a good deal of capital to work to make sure that he stayed on as chairman of the fed. but honestly, it would require presidential leadership at this point. we see encouraging signs, but also discouraging signs. the president said nice things about big bankers and their compensation just last week. you have to ask the white house where we are on this issue. host: simon johnson is the author of an upcoming book, "13 bankers." when will this come out? guest: when wilthe end of march. i do not think this problem is going to go away anytime soon. host: wyoming, republican line. caller: i would just like to say a few things and please do not cut us off because we do not get a chance to get in as many times as the democrats and the independent line. i'm a conservative woman of color. i notice every time on c-span and i get to be disappointed. and i will get to my question. i notice a ta
bush, ben bernanke, tim geithner to get the record out. this is news in and of itself, michelle, beyond the details you point out. his first-person account goes into the record and it's going to be essential to figure out where did we go wrong and how do we fix it? amazing to me the number of things that aren't fixed yet. >> final thought to you? >> i agree with steve. it was remarkable book. it helps the history exicle record. i call it pg version. he said the british screwed us. in my book he uses a colorful phrase. >> andrew, thank you. steve, thank you. the word on the street goldman sachs' ceo lloyd blankfein could collect a bonus up to $100 million according to the report in the times of london. goldman sachs roundly distribpu the rumor saying there's speculation and there's stupidity. this speculation transcends the stupid and takes it to a new level. i would call that -- that would be your denial-denial. >> that would be a strong denial. goldman sachs shares gaining 90% for a year and about 4% higher right now. the goldman sachs folks knocked this story down. it is only in the t
get so mad at people like ben bernanke. most economists, god knows what on earth was going through their heads as they watch the bubble keep grow and grow and grow and said everything was okay. now they are surprised fukuda agnone? that is a joke we have around washington. anyone who is doing their job should have known. >> host: amity shlaes anything there you want to address? >> guest: i think it is important to think about the interplay between the war in domestic policy because it is true the government can think about two things at once. it cannot walk and chew gum at the same time and when you have a distraction, whether you believe it is something we should invest then, afghanistan, iraq, the government does not think well about what is going on at home so if you called on our various leaders that the fed or at the white house over time under, in this period under president bush,'s september 11 you would say are you concerned about fannie mae? they would say absolutely, here's the data and they are going out of control, fannie and freddie and we will be have legislation abou
in place. we had hank, ben bernanke tim geithner and sheila bair the head of the fdic. i know a lot of people in finance and a lot of people in business and government. and i can't think of for that would have done a better job of getting us through that. now it's kind of fashionable to look back and pick at one aspect or another of what was happening and our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008, one to talk was the money market funds saved. if we have 3.5 trillion fun missile by 30 million people who on is and they might are worrying about whether they can get their money that was half of all the process held by u.s. banks at the time you have a panic. you had commercial paper frees up entirely in the biggest companies of the united states and some are described in this book that worried whether they were going to meet their payroll and a short period of time to read the sixth largest bank in the country in terms of the domestic deposits, washington mutual failed over a weekend. you had the th
. with your support in mr. paulson, mr. bernanke we forced their stearns shareholders from a position that i think was a high of $170 a share in january. we force them down to $2 a share because the american taxpayer money was in the bailout. and that was something that was supported by the fed, by treasury because we felt that because the taxpayer was bailing them out, that the shareholders of bear stearns should not be held harmless. now, you have a different situation here, slightly different. a number of weeks later, where we have aig going under, and these are credit default swaps so the money going into aig is going right out to the counterparties. this is a pass through and the folks on the other side are goldman sachs. that is the principle beneficiary of all this. and we don't negotiate in nickel, not a sense of what they are getting. you are in the same position. you are supposed to be negotiating on behalf of the american people. you were saying the regulations were different. let me tell you something we were changing the rules and regulations every single day. we were taking act
with bernanke and for some reason there have been just no real uptick generally about the fact that those types of things already are prohibited. you can only use a minimal amount of the bank's capital in other areas of a bank holding company. in addition to that, it actually move capital permanently, you've got to reduce the capital of the commercial bank also. so i do wonder -- >> yes, go ahead. basically, you're saying that those who think this is simply a punitive move by the obama administration are right. am i reading you correctly? >> well, let me say this. look, paul volcker is like a folk hero here? there's no question. his inflation efforts were tremendously appreciated and the timing of the announcement, i think everybody on all sides are transparently political. that doesn't mean, that look, we don't need to continue to look at ways of dealing with this. i don't think it got a great reception yesterday. again, we've got one more hearing tomorrow with goldman and others and we'll drill down in another way, but my sense is there's not a lot of traction on it because there are mechanis
Search Results 0 to 36 of about 37 (some duplicates have been removed)